“I Think We Have Sufficient Scale”

“I think we have sufficient scale – the brands, the product and the technology.” – CEO at CYBG, David Duffy.

CYBG, the holding company that owns Clydesdale Bank, Yorkshire Bank and the app-based bank B in the United Kingdom, has agreed to buy Virgin Money for £1.7B. Under the deal, all the group’s retail customers will be moved to Virgin Money over the next three years. It will be the UK’s sixth-largest bank, with ~6M customers, but 1,500 jobs are likely to go. Last, CYBG will license the Virgin Money brand for ~£15M a year.

Bottom Line: two UK challengers unite.